Press Release

Fund Stability Ratings of ABL Cash Fund

Karachi, December 31, 2011: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has re-affirmed the Fund Stability Rating of ABL Cash Fund at ‘AA+( f)’ (Double A Plus (f)).

The rating action takes into account the investment policy of the fund, which targets minimum allocation of 50% to government securities. Upto 50% of remaining assets may be invested in term deposits, money market placements, cash in bank accounts and reverse repo transactions, with institutions rated at least AA. The fund may also invest in commercial papers and certificates of investment, certificates of deposit and certificates of Musharaka issued by NBFCs (minimum rating AAA) to the extent of 10% of net assets. With exposures currently being maintained with counterparties rated AA and above, credit risk thereon is considered low.
As a money market fund, target duration is capped at 90 days. Given the increased uncertainty prevailing in the current interest rate scenario, target duration may need to be reduced to limit the fund’s exposure to interest rate risk.

For further information on this rating announcement, please contact Ms. Sabeen Saleem, CFA (Ext: 510) or Ms. Sobia Maqbool, CFA (Ext: 506) at 021-35311861-70 or fax to 021-35311873.



Javed A. Callea
Advisor

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright December 31, 2011 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.